Summary of The Art of Cyber Insurance: What's New in Coverage and Claims

The video titled "The Art of Cyber insurance: What's New in Coverage and Claims" delves into the intricate world of Cyber insurance, shedding light on various aspects such as coverage, claims, and best practices. The presenters, including Chris Seusing, Monique Ferraro, Peter Hedberg, and Violet Sullivan, bring forth key insights.

Coverage and Claims

Cyber insurance is depicted as a dynamic and ever-changing field, devoid of universal standard forms.
New coverages emerging in this realm encompass cyber for autos, personal cyber, Cryptocurrency, expanded privacy coverage, and the impacts of AI.
Insider threats posed by malicious insiders are not covered, but the entity as a whole is safeguarded.

Recommendations

Collaborate with a broker to curtail Cyber insurance premiums.
Invest in robust cybersecurity measures.
Engage in dialogue with insurers to potentially reduce premiums through active system monitoring.

Impact of Prices and Claims

Implement security measures like MFA, EDR, training, and phishing testing to avert claims.
Advocate for a tailored approach to protection by aligning controls with security roadmaps.
Consistently enforce security measures across the board and address exceptions to avert problems.

Conclusion

In conclusion, the presenters extend their availability for further inquiries beyond the presentation, encapsulating a comprehensive overview of the evolving landscape of Cyber insurance and the strategies to navigate it effectively.

Notable Quotes

— 48:28 — « - Its also why youve seen the trends on put MFA in place then EDR, right? You see the buzzwords that were catching onto, its because its from claims trends. »

— 48:36 — « Were seeing that there were more claims based on the group not having X, Y, Z, but now were starting to see in claims, full cloud backups getting lost. »

— 48:49 — « I would say the big ones are MFA, EDR, training, phish testing, theres a lot of, what I would say, its aligned with your controls. »